REVENUE AND EXPENDITURE.

3 1 '

The sale of other State property, valued at 423,000,000 lire, or 16,920,000/., is proceeding gradually. It was stated by the minister of finance, in 1809, that a sum of 718,000,000 lire, or 28,720,000/., would be required by the Government to clear off arrears and cover deficits, up to the year 1873, at which time, it was hoped, there would be an equilibrium of revenue and expenditure.

The following table represents the growth of the debt of the kingdom, after official returns: — Amount

Liabilities £

Sardinian Loan, October, 1859 3,800,000

Loan of the ^Emilia, January 22, 1860 .... 320,000

Loan of Tuscany, January 25, 1860 .... 1,040,000

National Loan, July 12, 1860 6,000,000

Alienation of Neapolitan Stock, 1860-61 . . . 4,930,000

Alienation of Sicilian Stock, 1860 . . . . )

Sicilian Loan, 1861 ) I' 810 . 000

National Loan, July 17, 1861 20,000,000

National Loan, March 11, 1863 28,000,000

Sale of Rentes, November 25, 1864 . . . . 2,480,000

LoaD.May 11, 1865 17,000,000

Alienation of Stock for the Ligurian Railway . . 2,400,000

Advances on the sale of National property, Nov. 24, 1864 6,000,000

Sale of State railways, May 14, 1866 . . . . 7,400,000

Alienation of Church property, July 7, 1866. . . 3,800,000

Paid to Austria on Treaty of Peace, October 3, 1866 . 3,730,000

National Loan, July 28, 1866 12,440,000

Advances on sale of tobacco monopoly, August 24, 1868 6,940,000

Loan secured on State domains, October 8, 1869 . . 5,200,000

Loan from National Bank, February 1870 . . . 20,000,000

Total . 153,090,000

The above represents the consolidated debt of the kingdom, not included in which are liabilities and guarantees of various kinds, which brought the total debt of Italy, end of 1870, to upwards of 251,000,000/., forming an annual charge on the revenue of 20,314,326/., distributed as follows : — Lire

Interest on Consolidated Debt 262,410,621

,, Redeemable do. .

„ Debt not included in the Great Book

Annuities and Railway Guarantees

Total Interest Expenses of management .

Total .

66,461,634

27,942,339

149,303,125

506,117,720 1,740,536

507,858,156 £20,314,326

The floating debt of the kingdom was estimated, in April, 1870, to amount to 34,520,000/., represented by 15,120,000/. of forced paper currency ; 7,400,000/. of church property bonds ; and

12,000,000/. of Treasury bonds.